Security of payment for Hong Kong construction industry workable alternatives and suggestions
Citation
Building journal Hong Kong China, Apr, 2009, pp. 60-77
Abstract
(1) Synopsis
(2) Introduction
(3) Mechanisms for security of payment - an overview
(a) Administrative measures
(b) Legislative measures
(c) Way forward for Hong Kong
(4) Getting the contract right
(a) Written contracts
(5) Payments to contractors/sub-contractors
(a) Certainty of available fund to honour payment obligations
(i) Payment bond
(b) United States and Canada (payment bond procured by the contractor)
c Mainland China (payment bonds procured by employer)
(d) Hong Kong
(i) Parent conpany guarantee
(ii) Others
(e) Escrow account for retention
(f) Certainty of interim payment
(g) Transparency in interim payment process (especially in Nominated sub-contracts arrangements)
(h) Reasons for withholding of payment to be expressed/clear timelines for assessing interim payments
(i) Milestone payment
(j) Statutory adjudication
(i) No available immediate dipute resolution mechanism
(k) Experience overseas
(6) Payment to workers
(7) Conclusion
Description
Subject
Type
Article
Format
Date
2009
Language
en